The recent stablecoin news has not been encouraging.
Binance USD (BUSD) will, nevertheless, be added to the Crypto.com cryptocurrency list.
Surprising, given that Binance is a crypto-banking platform competitive exchange.
Users are familiar with the Crypto.com platform not only for its banking services but also for its bitcoin exchange business.
Among the hundreds of cryptocurrencies and stablecoins available, Binance USD (BUSD) is now available.
The BUSD has risen to the third position in the stablecoin rankings, with a market valuation of $18 billion.
Until last week, the Terra (LUNA) blockchain stablecoin UST occupied the third position on the podium.
— Crypto.com Institutional (@Cryptocom_Insto) May 17, 2022
BUSD is a controlled digital asset from rival exchange Binance that is tied to the USD rate.
It is also necessary to tell the New York State Department of Financial Services that it has been approved (NYDFS).
The BUSD/USDT pair is used to obtain this coin on the platform.
Because USDT is a dollar-pegged stablecoin, the exchange rate inside the pair is 1 BUSD for 1 USDT.
Given the recent developments in the Terra (LUNA) ecosystem and its stablecoin UST, the Crypto.com platform’s dependence on a competing token can be interpreted as an implicit endorsement of the robustness of BUSD.
Other stablecoins have seen price fluctuations despite the promise of stability provided by pegging them to dollar reserves.
Investors are wary because of the unexpected volatility.
A distrust that may encourage platforms to list tokens from other platforms, and which also indicates doubt about Tether (USDT), the current stablecoin leader.
It will now be crucial to monitor the impact of this instability on the crypto ecosystem in the next days and weeks.